Fresnillo sees "positive" long-term outlook amid strong demand

(Alliance News) - Fresnillo PLC on Tuesday said its longer-term outlook is "positive" at its annual general meeting after reporting a jump in earnings for 2025.

London- and Mexico City-based Fresnillo is a gold and silver miner in Mexico, Peru and Chile.

Ahead of Tuesday's annual general meeting, Chair Alejandro Bailleres said in a statement that the longer-term outlook for the firm is "positive".

"We anticipate that at least one of our advanced prospects will join our development portfolio in the coming two to three years," Bailleres added.

Fresnillo said it expects demand for silver and gold to exceed demand, driven by the green energy transition and the safe-have status of gold.

Chair Bailleres said Fresnillo is "well-positioned" to capitalise on these opportunities.

The chair said 2025 was an "exceptional year" despite the firm initially expecting it to be "challenging".

In March, Fresnillo said pretax profit more than doubled to USD2.08 billion in 2025 from USD743.9 million in 2024, in line with market expectations.

Total revenue rose 31% to USD4.56 billion from USD3.49 billion, beating market expectations of USD4.36 billion, primarily due to the higher precious metals prices, mitigated by the lower volumes of all metals sold.

On Tuesday, Bailleres added that Fresnillo has seen a "positive shift" in the political climate in Mexico after the appointment of the government led by President Claudia Sheinbaum.

"We have appreciated the receptive dialogue with the new administration, which provides us with cautious confidence regarding the future business environment and the certainty of mining concessions," Bailleres said.

Fresnillo also noted that it is continuing to advance its development pipeline.

"We have made good progress at Guanajuato, Orisyvo, Rodeo and Tajitos, and I am pleased to welcome Lucerito into our advanced exploration pipeline. We are also maintaining investment in our exploration projects in Chile and Peru."

Shares in Fresnillo were down 0.8% at 3,308.00 pence on Tuesday morning in London.

By Michael Hennessey, Alliance News reporter

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